Baldwin Insurance (BWIN) CEO gets share grant and withholds stock for taxes

Rhea-AI Filing Summary

Baldwin Insurance Group, Inc. Chief Executive Officer Trevor Baldwin reported equity compensation activity involving Class A common stock. On February 23, 2026, he acquired 65,655 shares at $0.00 per share as a grant/award, issued in settlement of performance-based restricted stock units granted in 2023 that settled based on predetermined performance goals.

On the same date, 17,157 shares were disposed of at $16.57 per share through a tax-withholding disposition, with shares withheld by the issuer to satisfy income tax obligations related to the PSU share issuance. Following these transactions, Baldwin directly held 59,832 Class A shares and indirectly held 27,676 Class A shares through the TLB 2020 Trust.

Insider Trade Summary

Net Buyer: 48,498 shares

Net Buy 3 txns

Insider Baldwin Trevor

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Grant/Award	Class A Common Stock	65,655	$0.00	$0.00
Exercise Price or Tax Liability	Class A Common Stock	17,157	$16.57	$284K
holding	Class A Common Stock	--	--	--

Holdings After Transaction: Class A Common Stock — 59,832 shares (Direct); Class A Common Stock — 27,676 shares (Indirect, By TLB 2020 Trust)

Footnotes (2)

1. F1. Represents shares of Class A common stock issued to the reporting person in settlement of performance-based restricted stock units ("PSUs") granted in 2023. The PSUs settled based on the achievement of predetermined performance goals.
2. F2. Represents shares of Class A common stock withheld by the issuer to satisfy income tax withholding obligations in connection with the issuance of the shares of Class A common stock as disclosed in footnote 1.

FAQ

What insider transactions did BWIN CEO Trevor Baldwin report?

Trevor Baldwin reported a grant of Class A common stock and a related tax-withholding disposition. He received shares from settling performance-based restricted stock units and had some shares withheld by the issuer to cover income tax obligations tied to that equity award.

How many Baldwin Insurance (BWIN) shares were granted to the CEO?

The CEO acquired 65,655 shares of Class A common stock at $0.00 per share. These shares were issued in settlement of performance-based restricted stock units granted in 2023, which vested based on predetermined performance goals set by the company.

Why were some BWIN shares disposed of in Trevor Baldwin’s Form 4?

A total of 17,157 Class A shares were disposed of as a tax-withholding transaction. The issuer withheld these shares to satisfy income tax obligations arising from the issuance of shares received when the 2023 performance-based restricted stock units settled.

What are Trevor Baldwin’s BWIN shareholdings after these transactions?

After the reported transactions, Trevor Baldwin directly held 59,832 shares of Class A common stock. He also indirectly held 27,676 additional Class A shares through the TLB 2020 Trust, reflecting both his personal and trust-related ownership positions.

How were the 2023 performance-based RSUs for BWIN’s CEO settled?

The 2023 performance-based restricted stock units were settled by issuing Class A common stock to the CEO. Settlement was based on achievement of predetermined performance goals, resulting in equity being delivered instead of cash and creating the reported share grant and tax withholding.

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Form 4 Insider Transactions: What Each Field Means →

Accepted by SEC EDGAR 02/25/2026 - 08:34 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Baldwin Trevor

(Last) (First) (Middle)

C/O THE BALDWIN INSURANCE GROUP, INC.

4211 W. BOY SCOUT BLVD., SUITE 800

(Street)

TAMPA FL 33607

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Baldwin Insurance Group, Inc. [ BWIN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chief Executive Officer		Member of 10% Owner Group

3. Date of Earliest Transaction (Month/Day/Year)
02/23/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	02/23/2026		A(1)		65,655	A	$0	76,989	D
Class A Common Stock	02/23/2026		F(2)		17,157	D	$16.57	59,832	D
Class A Common Stock								27,676	I	By TLB 2020 Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents shares of Class A common stock issued to the reporting person in settlement of performance-based restricted stock units ("PSUs") granted in 2023. The PSUs settled based on the achievement of predetermined performance goals.

2. Represents shares of Class A common stock withheld by the issuer to satisfy income tax withholding obligations in connection with the issuance of the shares of Class A common stock as disclosed in footnote 1.

Remarks:

	/s/ Seth Cohen, as Attorney-in Fact, for Trevor Baldwin	02/25/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.